Predictive Planning and Forecasting on the Rise – Hype or Reality?
The use of predictive algorithms and machine learning (ML) in corporate planning, known as predictive planning and forecasting, has been an important development in finance and controlling over recent years. Its aims are to improve planning and forecasting and to increase automation in order to reduce the workload of planners.
While software vendors are massively expanding their functionality in this area, utilization in user companies is only increasing slowly. But why is that?
Scope of the study
This BARC study examines the nature and current level of use of predictive planning and forecasting and draws comparisons with the results of past BARC studies. Core aspects of the study include the investigation of:
- – Potential
- – Achieved and planned benefits
- – Use cases
- – Specific challenges and opportunities of predictive models in planning and forecasting
Does predictive planning and forecasting take corporate planning to the next level in practice and provide the benefits that companies expect? Are the enthusiastic promises of vendors exaggerated? How widely is predictive planning actually used? … All these questions and more are addressed in the report.
Sample and related content
The study is based on a worldwide online survey of 295 companies, conducted from May to June 2022.
Click here to see the infographic based on the survey findings.
The report is supported by:
Authors: Dr. Christian Fuchs & Robert Tischler
Published: September 28th, 2022